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- Alaska Statutes.
- Title 21. Insurance
- Chapter 75. Reciprocal and Cooperative Insurers
- Section 60. Organization of Reciprocal Insurer.
previous: Section 55
. Surplus Funds For Cooperative Insurers.
next: Section 70
. Certificate of Authority.
AS 21.75.060. Organization of Reciprocal Insurer.
- (a) Ten or more persons domiciled in this state may organize a domestic reciprocal insurer and make application to the
director for a certificate of authority to transact insurance.
- (b) The proposed attorney-in-fact shall fulfill the requirements of and shall execute and file with the director when
applying for a certificate of authority, a declaration setting out
- (1) the name of the insurer;
- (2) the location of the insurer's principal office, which shall be the same as that of the attorney-in-fact and shall be
maintained in this state;
- (3) the kinds of insurance proposed to be transacted;
- (4) the names and addresses of the original subscribers;
- (5) the designation and appointment of the proposed attorney-in-fact and a copy of the power of attorney;
- (6) the names and addresses of the officers and directors of the attorney-in-fact, if a corporation, or its members, if a
- (7) the powers of the subscribers' advisory committee, and the names and terms of office of the members;
- (8) that all money paid to the reciprocal insurer shall, after deducting any sum payable to the attorney-in-fact, be held
in the name of the insurer and for the purposes specified in the subscribers' agreement;
- (9) a copy of the subscribers' agreement;
- (10) a statement that each of the original subscribers has in good faith applied for insurance of a kind proposed to be
transacted and that the insurer has received from each subscriber the full premium or premium deposit required for the
policy applied for, for a term of not less than six months at an adequate rate filed with and approved by the director;
- (11) a statement of the financial condition of the insurer, a schedule of its assets, and a statement that the surplus as
required by AS 21.75.050
is on hand;
- (12) a copy of each policy, endorsement, and application form it then proposes to issue or use.
- (c) The declaration shall be acknowledged by the attorney-in-fact in the manner required for the acknowledgment of deeds.
- (d) The director may provide financial and technical assistance to persons who wish to establish a reciprocal insurer to
provide marine insurance under this chapter.
- (e) The areas the director may assist the person with under (d) of this section include
- (1) preparing the documentation necessary to form the reciprocal insurer;
- (2) obtaining reinsurers for the reciprocal insurer;
- (3) preparing subscriber rules and management procedures for the reciprocal insurer;
- (4) financing the formation expenses of the reciprocal insurer;
- (5) managing the reciprocal insurer.
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